VENICE, CA: Sard Verbinnen & Co. is supporting Snap Inc. as the company prepares for its highly anticipated initial public offering.
The agency’s work for the camera company, best known for its ephemeral messaging app Snapchat, began about a year ago, according to a source familiar with the matter. Sard Verbinnen is the only outside communications firm counseling Snap Inc. as it prepares to go public.
Snap Inc. filed for its IPO on Thursday, revealing it saw 2016 revenue of $404.5 million, up from $58.7 million in the year prior, and a net loss of $514.6 million last year. It reported a net loss of $372.9 million in 2015.
"We expect our operating expenses to increase in the future as we expand our operations. Furthermore, as a public company, we will incur additional legal, accounting, and other expenses that we did not incur as a private company," Snap Inc. said in Securities and Exchange Commission filings. "If our revenue does not grow at a greater rate than our expenses, we will not be able to achieve and maintain profitability."
As of December, Snapchat had 158 million active daily users who spent 25 to 30 minutes a day on the app, according to the filings. The company employs 1,859 people.
With a valuation to the tune of $25 billion, Snap Inc.’s IPO is expected to be the largest U.S.-listed technology floatation since Alibaba’s in 2014. Sard Verbinnen also worked on communications for that record-breaking IPO, along with Brunswick Group and Hill+Knowlton Strategies.
A Snap Inc. representative could not be reached for comment. Inquiries seeking comment to Sard Verbinnen were not returned.